Transferring Your Business to a Family Member

If you’re considering transferring a business like a medical transportation company to a family member, there are some considerations to address before you finalize your decision. For example, only about 30% of businesses survive the transfer to the second generation and only 15% to the third. If not done correctly, transferring your business to a family member can have disastrous results. Before you make the transfer, ask yourself, “Am I really ready to let go?” Often times, after the sale of a business, you will feel as if you still have the right to be in control. It was your business, after all.

And if the business has been transferred to a family member, you might feel even more comfortable putting your nose where, quite frankly, it no longer belongs. This could become extremely problematic for everyone involved, so before you decide to transfer your business to a family member, make sure you’re really ready to let go of the reins. Visit the Tenney Group’s website (thetenneygroup.com) for more information on how to successfully transfer your ambulance business to a family member.